MIDUMIDZDaily Mid Cap Bull & Bear 3x SharesETF

Overview

The Direxion Daily Mid Cap Bull & Bear 3x Shares seek daily investment results, before fees and expenses, of 300% or 300% of the inverse (or opposite) of the performance of the S&P MidCap 400 Index. There is no guarantee the funds will meet their stated investment objective.

These leveraged ETFs seek a return that is +300% or -300% of the return of their benchmark index for a single day. The funds should not be expected to provide three times or negative three times the return of the benchmark’s cumulative return for periods greater than a day.

Key Benefits

You know that TRADING is different than investing. But the opportunity to take advantage of short-term trends is only won, if you get the direction right.

Whether you’re a bull or a bear, Direxion Shares is with you. Our leveraged ETFs are powerful tools built to help you:

Magnify your short-term perspective with daily 3x leverage

Go where there’s opportunity, with bull and bear funds for both sides of the trade; and

Stay agile – with liquidity to trade through rapidly changing markets

Leveraged ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments. Leverage ETFs are not designed to track the underlying index over periods longer than one trading day.

Target Index

Target Index

The S&P MidCap® 400 Index measures the performance of the mid-cap segment of the U.S. equity universe. The Index is a capitalization-weighted index composed of 400 domestic common stocks. Standard & Poor’s® selects the 400 stocks comprising the Index on the basis of market values and industry diversification. The Index represents approximately 7% of the U.S. equities market. The companies included in the index have an average market capitalization of more than $4.25 billion dollars and a median market capitalization of $3.77 billion dollars as of December 31, 2014. One cannot invest directly in an Index.

Index Sector Weightings (%)

Financials

23.47

Information Technology

17.51

Industrials

15.14

Consumer Discretionary

13.67

Health Care

10.30

Materials

7.41

Utilities

4.87

Energy

4.06

Consumer Staples

3.42

Telecommunication Services

0.15

There is no guarantee the fund will meet its stated investment objectives. Data as of 12/31/2014 is subject to change at any time.

* The Net Expense Ratio includes management fees and other operating expenses, but does not include expenses such as Acquired Fund Fees and Expenses, leveraged interest and brokerage commissions. The Funds’ Advisor, Rafferty Asset Management, LLC (“Rafferty”) has entered into an Operating Expense Limitation Agreement with each Fund. Under this agreement, Rafferty has contractually agreed to cap all or a portion of its management fee and/or reimburse each Fund for Other Expenses through September 1, 2016 to the extent that each Fund’s Total Annual Fund Operating Expenses exceed 0.95%.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the funds website at www.direxioninvestments.com.

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus or summary prospectus. Index performance does not include any fees or expenses, are unmanaged and cannot be invested in directly.

Related Reading

Knowledge

ETF market prices are the prices at which investors buy or sell shares of an ETF in the secondary market. While ETFs are designed to trade in line with their intraday values, during times of significant market volatility an ETF’s market price may vary more widely from its intraday value.

Liquidity, transparency, real-time trading, and relatively low management fees are the reason why ETFs are becoming more and more popular. Learn about the four key characteristics that investors should better understand in order to trade them properly.

In the investing world, the term liquidity refers to the degree to which an asset or security can be bought or sold without impacting that asset’s fair market price. Since ETFs are essentially a “wrapper” for other securities, liquidity is determined mainly by the trading volume of those…

An investor should consider the investment objectives, risks, charges, and expenses of Direxion Shares and Direxion Funds carefully before investing. The prospectus and summary prospectus contain this and other information about Direxion Shares and Direxion Funds. Click here to obtain a prospectus or call (877) 437-9363. The prospectus or summary prospectus should be read carefully before investing.

Investing in each Fund may be more volatile than investing in a broadly diversified fund. The use of leverage by each Fund increases the risk to the Fund. The Funds are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investment. The Funds are not designed to track their underlying index over a longer period of time.

Direxion Shares Risks – An investment in each Fund involves risk, including the possible loss of principal. Each Fund is non-diversified and includes risks associated with the Funds’ concentrating their investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as futures contracts, forward contracts, options and swaps are subject to market risks that may cause their price to fluctuate over time. Each Fund does not attempt to, and should not be expected to, provide returns which are a multiple of the return of their underlying index for periods other than a single day. Risks of each Fund include Daily Index Correlation Risk, Leverage Risk, Compounding and Market Volatility Risk and risks specific to Mid Capitalization Company securities, and for the Direxion Daily Mid Cap Bear 3X Shares risks related to shorting. Please see the Summary and full Prospectuses for a more complete description of these and other risks of each Fund.

Direxion Funds Risks – An investment in the Funds involve risk, including the possible loss of principal. The Funds are non-diversified and include risks associated with concentration risk which results from the Funds’ investments in a particular industry or sector and can increase volatility over time. Active and frequent trading associated with a regular rebalance of the fund can cause the price to fluctuate, therefore impacting its performance compared to other investment vehicles. For other risks including correlation, compounding, market volatility and specific risks regarding each sector, please read the prospectus.

Hong Kong Investors – This website and the investment products referenced herein (“Website”) are directed to persons who are “Professional Investors” within the meaning of the Hong Kong Securities and Futures Ordinance (Cap. 571) (“Ordinance”). This Website is not directed to the general public in Hong Kong. You agree that your use of this Website is subject to you reviewing and acknowledging the terms of this disclaimer and the website’s terms of use. Information herein is not intended for Professional Investors in any jurisdiction in which distribution or purchase is not authorized. This Website does not provide investment advice or recommendations, nor is it an offer or solicitation of any kind to buy or sell any investment products. Direxion Asia Limited (“DAL”) is licensed with and regulated by the Securities Futures Commission of Hong Kong (“SFC”) (CE Number: BAZ386) to provide services to Professional Investors. DAL does not maintain nor is it responsible for the contents of this Website, which has not been approved by the SFC. DAL is an affiliate of other companies within the Direxion Group companies which may manage the products and provide the services described herein, which are not directed to the general public in Hong Kong. Companies within the Direxion Group which do not carry out regulated activities in Hong Kong are not subject to the provisions of the Ordinance. Foreside Fund Services, LLC is the distributor for the Direxion Shares in the United States only.